Pindrop, the leader in voice security and authentication provider for call centers on 5th December Wednesday made an announcement about the end of $90 million Series D funding round led by Vitruvian Partners. The company with the raised amount plans to make regional presences in Europe and UK stronger.
Other new strategic partners that participated in the funding round include Cross Creek, Singapore-based EDBI, Allegion Ventures, Dimension Data, and Goldman Sachs. While some of the existing investors which once again plans to invest in the company were Andreessen Horowitz, GV (formerly Google Ventures), IVP, CapitalG, and Citi Ventures.
Vijay Balasubramaniyan, Co-founder, CEO and CTO of Pindrop mentioned that “Our broad range of investors collectively view Pindrop as the established industry leader for securing the future of voice as it moves beyond the voice channel and towards voice-enabled devices.” Vijay further added that the investment through the partners will allow the company to boost the advancement that needs to be made in voice technology and consumer IoT. At the same time, the company will also continue to strengthen their leading solutions in the market for anti-fraud and authentication for the global enterprise.
According to the announcement, the company plans to leverage its voice biometric security technology to build additional products, expand its market penetration, and develop partnerships with global channels, consumer IoT organizations, and telecommunications companies. Pindrop which ranks on the 5th position out of the 7 largest insurance companies in the U.S. based on the customers and 8 of the 10 largest banks was recently integrated into Verizon’s call center service. Apart from this, the company has observed significant traction and growth in the last few years. Some of the highlighting features include –
- 137% compounded annual growth rate (CAGR) in revenue over the last three years
- Triple-digit growth expected in EMEA Bookings in 2019
- Until now, the company has stopped over $350 million in voice-based fraud and attacks in 2018
- Provides protection to over 200 million consumer accounts
- 118% net revenue retention with existing customers, in line with the top 15 public companies.
Amid its rapid growth, the company has recently added Jeff Hodges as Chief Financial Officer and Burney Barker as Chief Revenue Officer.
David Nahama, the senior partner at Vitruvian Partners mentioned that “One of our key goals is to help leading high-growth companies like Pindrop to grow in Europe and internationally.” He further added that “We are confident that Pindrop is poised for massive expansion given the company’s depth of engineering expertise, pioneering efforts in machine learning technology and patent portfolio.”